10/28/2009

Telenor – Third Quarter 2009

Disclaimer

The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully
be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation
or any of its contents. Information in the following presentation relating to the price at which relevant investments have
been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future
performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an
invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within
the
h Telenor
l Group. The
h release,
l publication
bl or d
distribution
b off this
h presentation in certain jurisdictions
d may b
be restricted
d b
by
law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should
inform themselves about, and observe, such restrictions.

This presentation contains statements regarding the future in connection with Telenor’s growth initiatives, profit figures,
outlook, strategies and objectives. In particular, the section ‘Outlook for 2009’ contains forward-looking statements
regarding the Telenor Group’s expectations. All statements regarding the future are subject to inherent risks and
uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been
expressed or implied in such statements.

As a consequence of previous conflicts between Telenor and Alfa Group, Telenor has been unable to consolidate Kyivstar’s
financial results since 29 December 2006.

On 16 December 2008 the Kyivstar’s shareholders met at two Extraordinary General Meetings of Shareholders (EGMS) to
bring the charter in compliance with Ukrainian law. Furthermore the EGMSs elected a new company Board, appointed the
Auditing
d Commission and d elected
l d Ernst & Young as the
h company’s’ externall auditor.
d

As part of an agreement entered into with Altimo on 4 October 2009, the parties will contribute their respective
shareholdings in Kyivstar and VimpelCom in exchange for shares in a new company, VimpelCom Ltd, The proceedings
between the parties have now been halted or withdrawn without prejudice, pending closing of the transaction. At the time
of closing of the transaction the current arbitration case and all other pending disputes between the parties will be
withdrawn.

1
 10/28/2009

Jon Fredrik Baksaas

President and CEO

Q3 2009
A solid quarter

Revenues (NOKm) and EBITDA %

27 265 26 530

• Solid margins and strong cash flow

• Market development in line with 36.9 %
37.9 %
previous quarters
• On track for service launch in India
Q3 08 Q3 09
• Agreement with Altimo to combine
assets in Kyivstar and VimpelCom
EBITDA and capex (NOKm)
EBITDA CAPEX

10 050 10 055

4 785
4 001

Q3 08 Q3 09

All figures including Kyivstar

EBITDA and EBITDA margin before other items
4

2
 10/28/2009

Q3 2009 – Nordic
Closing in on the NOK 10 bn cash flow target

Revenues (NOKm)/EBITDA%

3 536 3 620 3 552

• Continued strong demand for mobile 3 249

broadband - 4%
+ 9%
• 9% mobile revenue growth in Norway
• Efficiency measures according to plan 36 % 39 % 38 % 39 %

in Sweden and Denmark

• NOK 9.3 bn operating cash flow on a Q3 08 Q3 09 Q3 08 Q3 09
4Q rolling basis Mobile Norway Fixed Norway

2 370 2 336
1 872 1 961
0% - 3%

25 % 25 %
24 % 27 %

Q3 08 Q3 09 Q3 08 Q3 09
Sweden Denmark
Organic revenue growth YoY

Q3 2009 - CEE
A challenging environment

Revenues (NOKm)/EBITDA%

3 839
• Subscription base stabilised in
Kyivstar driven by youth campaigns
- 13% 2 200
• Improved margin in Pannon despite 1 656 - 8%
revenue decline 62 %
1 444
55 %
43 % 46 %
• Stable ARPU in local currency in
Serbia
Q3 08 Q3 09 Q3 08 Q3 09
• Capex aligned to market development Kyivstar Pannon

• Weakened local currencies against 861

NOK affecting reported figures - 2% 759

- 13%
236 225
47 % 42 %
50 %
49 %

Q3 08 Q3 09 Q3 08 Q3 09
Telenor Serbia Promonte
Organic revenue growth YoY

3
 10/28/2009

Q3 2009 - Asia
Positive trends continued in Bangladesh and Pakistan

Revenues (NOKm)/EBITDA%

• EBITDA margin in high 50s upheld in 2 916

Bangladesh in spite of Eid campaign 2 655
- 4%
2 146
1 963 + 1%

• Positive margin impact in Pakistan

from lower activation tax
43 % 43 %
• Stable development in Malaysia 30 % 31 %

• Slightly improved organic revenue

Q3 08 Q3 09 Q3 08 Q3 09
development in Thailand
DTAC DiGi
• Grameenphone listing expected in
November 1 458 1 039
1 175 + 10% 869 + 16%
24 %
57 %
49 %
11 %

Q3 08 Q3 09 Q3 08 Q3 09

Grameenphone Telenor Pakistan

Organic revenue growth YoY

Q3 2009
On track towards launch in India in Q4

• Uninor - our Indian brand name

• GSM contracts signed with Nokia
Siemens Networks and ZTE
• Second tower sharing agreement in
place with Indus
• Pan India national roaming agreement
with Idea EBITDA and capex (NOKm)

• Agreements with distributors in place EBITDA CAPEX

2 076

424

-80 -149
Q2 09 Q3 09

4
 10/28/2009

Q3 2009
Solid platform moving forward

• Proven ability
y to adjust
j to changing
g g business environment
• Implementing measures to strengthen operational performance
• Creating a leading emerging markets player by
combining assets in Kyivstar and VimpelCom
• On track for launch in India

Trond Westlie
Executive Vice President and CFO

5
 10/28/2009

Q3 2009
Organic revenue decline stabilising

Revenues (NOKm) and EBITDA (NOKm) and EBITDA%

g
organic revenue g
growth (
(%)
)

10 050 10 055
9 830
29 403
9 362 9 332
9 270
27 058 27 265 26 956 26 923
26 530

37 % 38 %
7% 35 % 33 % 34 % 35 %

3% 3%
0% -1 %
-3 %

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

All figures including Kyivstar. Organic revenue growth in fixed

currency, adjusted for acquisitions and disposals. EBITDA and EBITDA
margin before other items 11

Q3 2009
Changes in revenues and EBITDA

Revenues EBITDA
Reported Organic Reported Organic
Mobile Norway 8.8% 8.6% 15.9% 15.8%
Fixed Norway -1.9% -3.7% 0.7% 0.7%
Sweden -1.4% -0.1% 10.9% 13.0%
Denmark 4.8% -3.4% 3.4% -4.9%
Kyivstar -42.7% -13.0% -48.7% -22.4%
Pannon -12.8% -7.9% -7.0% -1.7%
Serbia -11.8% -1.9% -20.2% -11.6%
Promonte -4.9% -12.7% -8.2% -15.9%
DTAC 9.8% -3.5% 13.3% -1.4%
DiGi 9.3% 1.3% 8.9% 1.1%
Pakistan 19.4% 15.9% 157.9% 145.1%
Grameenphone 24.1% 10.5% 45.1% 28.8%
Broadcast 7.2% 6.0% 5.5% 5.3%
Telenor Group -2.7% -0.7% 0.0% 5.8%

Organic growth YoY in fixed currency and adjusted for

acquisitions and disposals. EBITDA before other items. 12
Telenor Group organic figures including Kyivstar

6
 10/28/2009

Q3 2009
10% capex/sales India not included

Capex (NOKm) and capex/sales (%) Change in capex (NOKm)

Licence fees

Other capex

485
6 754

1550
- 300 - 196
- 288
4 836 4 785
1572
4 001

3 291 4 785
22 % 3 249 4 001
18 % 18 %
15 %
12 % 12 %

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Capex Asia CEE Nordic Broadcast Capex

Q308 / Other Q309

All figures including Kyivstar. Capex/sales ratio excluding licence fees.

14

Q3 2009
Maintaining solid cash flow

Quarterly operating cash flow (NOKm) 4 quarters rolling op. cash flow (NOKm)
21 191
20 408
19 630
17 811
16 908
6 083
6 049 5 979 15 081
5 270
4 526

3 076

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Operating cash flow including Kyivstar and excluding licences and spectrum
Operating cash flow defined as EBITDA before other items - capex
15

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 10/28/2009

Q3 2009
Nordic improvement offsetting CEE softness

4 quarters rolling operating cash flow (NOKm):

Nordic CEE Asia

+ 1.3 NOKbn - 1.3 NOKbn + 1.2 NOKbn

9 322 9 051
8 850 8 696
8 434 8 592 8 281
8 290
7 981 8 040 7 905
7 279
4 410

3 341 3 283

2 366
2 087

867

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Change YoY Not including India

Operating cash flow including Kyivstar and excluding licences and spectrum
Operating cash flow defined as EBITDA before other items - capex
16

Q3 2009
Reported income statement

NOKm Q3 09 Q3 08
Revenues 24 336 23 433  Includes pension effect in EDB of
+570 NOKm
EBITDA before other items 8 842 7 684
 EDB: -176 NOKm
Other items (322) (235)
 Denmark: -47 NOKm
EBITDA 8 520 7 449
Impairments losses (332) (6)  Mainly impairment losses in EDB

EBIT 4 500 3 947

 Kyivstar contribution of 411 NOKm
Associated companies 1 864 1 789
 VimpelCom contribution of 1,378
Net financials (674) (1 178) NOKm incl. + 51 NOKm in
adjustments for Q209
Profit before taxes 5 690 4 558
T
Taxes (1 546) (1 067)
Profit from continuing operations 4 144 3 491  Includes loss from discontinued
operations of -358 NOKm, mainly
Net income 3 786 3 367 due to impairment of assets in
Cinclus.
EPS from cont. operations (NOK) 2.32 1.88

17

8
 10/28/2009

Q3 2009
Net interest-bearing debt of NOK 28.6 bn

Net debt (NOK bn) and net debt/EBITDA* Change in net debt (NOK bn)

45.5
41.6
Net debt 30 June 2009 35.3
39.9
39.3
EBITDA (8.5)
35.7 35.3
Net interest paid 0.9
28.6 Income taxes paid 0.6
Capex paid 2.9
1.5
1.4
1.3 1.3 Dividend paid to minorities 0.4
1.2
1.1 Currency effects (1.9)
0.9
Accruals and other (1.1)
Net change (6.7)
Net debt 30 Sept 2009 28.6
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

*) 12 months rolling EBITDA excl Kyivstar

18

Q3 2009
Outlook for 2009

Group*
p incl India excl India
Organic revenues: In line with 2008 In line with 2008

EBITDA: 33-34% Around 35%

Capex/sales: Around 17% Around 13%

India
Organic revenues: Marginal

EBITDA loss: Around NOK 1.5 bn

Capex: NOK 3.5 - 4.5 bn

*) Outlook on Group figures incl. Kyivstar, assuming Group structure and exchange rates as of
30 September 2009. EBITDA before other items. Capex excl. new licences and spectrum.
19

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 10/28/2009

Telenor – Third Quarter 2009

Q3 2009
Mobile Norway
Revenues (NOKm) and EBITDA%
3 536
3 208 3 249 3 300 3 219 3 356

+ 9%

• 49k net subscriber growth, driven by 39 % 40 % 39 %

36 % 36 % 34 %
mobile broadband
• Continued revenue growth in retail and
Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
wholesale segments
• Non-mobile revenues driven by strong
EBITDA and capex (NOKm)
handset sales
EBITDA CAPEX
• 34% operating cash flow margin 1 339 1 369
1 182 1 249
1 166 1 135

+ 16%

345
227 252
185 174 168

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
21

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 10/28/2009

Q3 2009
Fixed Norway
Revenues (NOKm) and EBITDA%

3 800
3 656 3 620 3 681 3 639
3 552

- 4%
• Fixed voice and DSL trends continued
from previous quarters 39 %
36 % 38 % 34 % 36 % 36 %
• Stable EBITDA due to reduced
operation & maintenance costs Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

• Reduced capex driven by lower IS/IT

EBITDA and capex (NOKm)
investments
EBITDA CAPEX
• 28% operating cash flow margin
1 324 1 373 1 333 1 306 1 382
1 301

+ 1%

561 538
454 478 458 393

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
22

Q3 2009
Telenor Sweden
Revenues (NOKm) and EBITDA%

2 392 2 370 2 410 2 336

2 278
2 160
• 12k net mobile subscriber growth 0%

• Fixed voice and DSL trends continued

27 %
from previous quarters 18 %
24 %
21 %
18 % 18 %
• 4% mobile revenue growth in local
Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
currency
• EBITDA growth due to lower market
EBITDA and capex (NOKm)
activity and strengthened cost focus
EBITDA CAPEX
• Low capex partly due to delayed 3G
investments 709
637
450 573 511
442 408
356 385 13%

213 243 218

127

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
Licence fees
acquisitions and disposals.
EBITDA and EBITDA margin before other items
23

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 10/28/2009

Q3 2009
Telenor Denmark
Revenues (NOKm) and EBITDA%

2 075 2 016 1 981

1 862 1 872 1 961

- 3%
• 53k nett mobile
bil subscriber
b ib growth
th
• Mobile revenues increased by 1% in 25 % 25 % 25 %
22 % 23 % 23 %
local currency
• Continued PSTN decline and price Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

pressure on DSL
EBITDA and capex (NOKm)
• Workforce reduction of 114 employees
EBITDA CAPEX
in August
516 492
475 466 453
416 429
337 - 5%
266 272 275
234

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
24

Q3 2009
Kyivstar – Ukraine
Revenues (NOKm) and EBITDA%

3 839
3 553
3 349
• 62k net subscriber growth and 93k
internet modems activated 2 348 2 419
2 200

• Subscription base stabilised due to - 13%

62 %
youth campaigns 60 %
51 %
58 % 59 %
55 %

• 11% underlying revenue decline in

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
local currency
• 44% OCF margin despite revenue EBITDA and capex (NOKm)
decline
EBITDA CAPEX
• Local currency further weakened 2 366
2 012
1 808
1 370 1 436
1 213
866
- 22%
404 486
296 241 248

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic growth assuming fixed currency, adjusted for

acquisitions and disposals. Organic revenue / EBITDA growth YoY
EBITDA and EBITDA margin before other items

25

12
 10/28/2009

Q3 2009
Pannon – Hungary
Revenues (NOKm) and EBITDA%

1 656 1 641
1 482 1 444
1 322 1 374

• 35k net subscriber loss -8

8%

• Revenues impacted by economic 41 % 43 % 42 % 42 %

46 %
37 %
downturn and lowered MTR from Jan
2009
Q2 08 Q3 08 Q4 08 Q1 09 Q209 Q3 09
• 40% cash flow margin due to reduced
handset sales and low capex
EBITDA and capex (NOKm)
• VAT increased from 20% to 25% from
EBITDA CAPEX
1 July 2009
719
669
612 601 572
558

- 2%

203
160 130 116
91 96

Q2 08 Q3 08 Q4 08 Q1 09 Q209 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
26

Q3 2009
Telenor Serbia
Revenues (NOKm) and EBITDA%

861
• 31k net subscriber increase 773
834
759
720 745

• Stable ARPU in local currency - 2%

• Revenue decline driven by lower

retail and roaming revenues 44 % 47 % 49 %
43 % 40 % 42 %

• Reduced opex compared to last

quarter and low investments Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

• 10% sales tax on mobile

EBITDA and capex (NOKm)
communications from 1 June 2009
EBITDA CAPEX
401 411
337 321
310
3 0 297

211 - 12%

92 75 74
66 58

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
27

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Q3 2009
Promonte - Montenegro
Revenues (NOKm) and EBITDA%

236 225
• 67k net subscriber gain fuelled by 187 188 186
166
tourist season - 13%

• Revenue decline due to less prepaid 50 % 49 %

43 %
subscribers and roaming tourists 42 % 38 % 41 %

• Cash flow margin of 45% due to Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

strong capex control
• Contract signed with ZTE for network EBITDA and capex (NOKm)
swap EBITDA CAPEX

119
110
78 72 79
68
- 16%
24 20 13 6 10 9

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
28

Q3 2009
DTAC – Thailand
Revenues (NOKm) and EBITDA%

3 068 3 241 3 219

3 009 2 916
• 71k net subscriber growth 400
2 655
- 4%
• Organic revenue decline mainly driven
by lower roaming and IC revenues 41 %
30 % 28 % 31 %
29 % 30 %
• Slight increase in service revenues 32%
from Q209 and stable ARPU
32%
Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
• Improved EBITDA margin due to lower
sales and marketing costs
EBITDA and capex (NOKm)
• Cash flow outlook for 2009 revised up
EBITDA CAPEX

1251
913 937 890 909
400 802
617
512 - 1%
414
262 283 201

Q2 08 Q3 08 Q4 08 Q1 09 Q209 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for DPC settlement
acquisitions and disposals.
EBITDA and EBITDA margin before other items
29

14
 10/28/2009

Q3 2009
DiGi – Malaysia
Revenues (NOKm) and EBITDA%

2 339 2 307 2 208 2 146

• 163k net subscriber growth 1 889 1 963
+ 1%
• 3% revenue growth in local currency
vs Q2 driven by festive season
47 % 44 % 45 %
• EBITDA margin in Q309 affected by 43 % 44 % 43 %

bad debt provision and 3G roll-out

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
• Economy improving slowly but usage
not back to pre-recession level
EBITDA and capex (NOKm)
• Launched 3G for small screen
EBITDA CAPEX
• Cash flow outlook for 2009 maintained
1394
1100
1023 1032 965
886 839 912
762
+ 1%
311 365
277 250
294

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for Licence fees
acquisitions and disposals.
EBITDA and EBITDA margin before other items
30

Q3 2009
Grameenphone – Bangladesh
Revenues (NOKm) and EBITDA%

1 627 1 574 1 537 1 458

• 822k net subscriber growth mainly from 1 094

1 175
+ 10%
increased SIM tax subsidies related to
Eid campaign
57 % 59 % 59 % 57 %
• Revenue growth related to higher 49 %

average prices and branded handsets 28 %

• Improved EBITDA margin due to MTR Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

reduction, higher prices and lower O&M

costs EBITDA and capex (NOKm)
• 48% operating cash flow margin EBITDA CAPEX
1 144
• Listing expected in November 924 934
909 830
485
572 + 29%
418
301 263 281
184 130

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for Spectrum fees
acquisitions and disposals.
EBITDA and EBITDA margin before other items
31

15
 10/28/2009

Q3 2009
Telenor Pakistan
Revenues (NOKm) and EBITDA%

1109 1121 1132

991 1039
• 766k net subscriber growth boosted 869 + 16%
by 50% reduction in activation tax
23 % 24 %
• Revenue growth driven by higher 21 % 20 % 21 %
subscriber base as ARPU remained 11 %
stable
• EBITDA margin positively impacted Q2 08 Q3 08 Q4 08 Q1 09 Q209 Q3 09
by lower acquisition costs
• Network investments still low, some EBITDA and capex (NOKm)
catch-up expected in Q4
EBITDA CAPEX

1 249
966

+ 145%

341
206 208 225 232 260 182 254199
99

Q2 08 Q3 08 Q4 08 Q1 09 Q209 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for

acquisitions and disposals.
EBITDA and EBITDA margin before other items
32

Q3 2009
Broadcast
Revenues (NOKm) and EBITDA%

2160 2102 2 167

2066 2022 2084

• 14k cable Internet net adds in Norway + 6%

• 8k DTH net subscriber loss

• Improved margin and 13% revenue 24 %
21 %
24 % 24 %
growth in Canal Digital Norway 16 % 18 %

• Continued pressure on Conax revenues Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

from global recession

EBITDA and capex (NOKm)

EBITDA
CAPEX

489 435 497 515

329 323 322 389 322 245 317
228
+ 5%

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Organic revenue / EBITDA growth YoY

Organic growth assuming fixed currency, adjusted for
acquisitions and disposals.
EBITDA and EBITDA margin before other items
33

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Telenor – Third Quarter 2009

Appendix

Mobile operations
ARPU development (USD)
Mobile Norway Mobile Denmark Mobile Sweden

58,3 57,3 56,3 56,9 42,5

55,4 53,7 41,9 41,3 40,3
39,7
37,8 40,9 39,6
39,2 38,9 37,5 38,2

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

Kyivstar Pannon Promonte

22,3 22,6
21,0 21,4
5,7 5,7 24,4 20,3 20,2
5,3 23,4 22,9
50
5,0 51
5,1 21 4
21,4 21 8
21,8
4,7 20,5

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

35
FX as of 30.09.2009

17
 10/28/2009

Mobile operations
ARPU development (USD)
Telenor Serbia Telenor Pakistan DiGi

14,7 14,7
14,1 13,6 13,7 17,0 17,0 16,7 16,1
12,7 15,7 16,0
2,9
2,7
27 2,6
26 2,7
27
2,6 2,5

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

DTAC Grameenphone
9,5
9,1
8,4 8,3 8,1 8,1
3,9
37
3,7 36
3,6 37
3,7 37
3,7
3,5

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

36
FX as of 30.09.2009

Mobile operations
MoU/APPM development MoU APPM (USD)

Mobile Norway Mobile Denmark Mobile Sweden

251 249 204 227
243 244 221 218 221
241 195 208 211
236 190 192 191
180

0,23 0,24 0,23 0,22 0,23 0,23 0,21 0,21 0,21

0,21 0,22 0,21
0,19 0,19 0,18 0,18 0,17 0,17

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

Kyivstar Pannon Promonte

187 147
168 169 166 128 131 130
159 173 173 125
154 166 165 165 120
156

0,03 0,03 0,03 0,03 0,03 0,03 0,17 0,18 0,16 0,15 0,15 0,17
0,14 0,13 0,13
0,13 0,14 0,13

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

37
FX as of 30.09.2009

18
 10/28/2009

Mobile operations
MoU/APPM development MoU APPM (USD)

Telenor Serbia Telenor Pakistan DiGi

123 124 221 220 228
211 212 210
165 163
103 155 155 156
93 94 95 146

0,15 0,16
0,13 0,13
0,11 0,12
0,08 0,08 0,08
0,02 0,02 0,02 0,08 0,07 0,07
0,02 0,02 0,02

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

DTAC Grameenphone

319 319 332 327

333 301 303
317 308 303 291 291

0,03 0,03 0,03 0,01 0,01 0,01 0,01 0,01 0,01

0,03 0,03 0,03

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

38
FX as of 30.09.2009

Mobile operations
ARPU development (local currency)
Mobile Norway (NOK) Mobile Denmark (DKK) Mobile Sweden (SEK)

337 216 213 210

331 320 325 329 205 202 286
310 192 274 272 277
262 267

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q108 Q209 Q309

Kyivstar (UAH) Pannon (HUF) Promonte (EUR)

47 47
44 4493
42 42 4297 4217
39 3938 4013 15 15 15
3770 14 14 14

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

39

19
 10/28/2009

Mobile operations
ARPU development (local currency)
Telenor Serbia (RSD) Telenor Pakistan (PKR) DiGi (MYR)

59 59 58
939 939 242 56 55
897 228 54
867 875 225
811 214 215 212

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

DTAC (THB) Grameenphone (BDT)

318 268
303 257 255 253
282 250
279 270 270 239

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

40

Mobile operations
MoU/APPM development MoU APPM (local currency)

Mobile Norway Mobile Denmark Mobile Sweden

251 249
241 243 244 221 218 227 221
236 204 208 211
195 192 191
190
180

1,34 1,40 1,33 1,28 1,31 1,35

1,12 1,08 1,07 1,06 1,29 1,32 1,25 1,24 1,22
1,06 1,07 1,21

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

Kyivstar Pannon Promonte

187
168 169 166 173 173 147
159 166 165 165
154 156 128 131 130
125 120

0,28 0,28 0,28

0,25 0,25 0,23 0,11 0,12 0,11 0,11 0,12
0,10
24,8 26,0 25,4 24,2 24,3
23,9

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

41

20
 10/28/2009

Mobile operations
MoU/APPM development MoU APPM (local currency)

Telenor Serbia Telenor Pakistan DiGi

123 124 228

221 220
165 163 211 212 210
103 155 155 156
94 95 146
93

9,65 9,99 0,28 0,27 0,26

8,42 8,50 0,26 0,26
0,24
7,13 7,57
1,46 1,47 1,47 1,39 1,38 1,36

Q208 Q308 Q408 Q109 Q209 Q309

Q208 Q308 Q408 Q109 Q209 Q309
Q208 Q308 Q408 Q109 Q209 Q309

DTAC Grameenphone

332 327
333 319 319
317 301 303
308 303 291 291

0,96 0,95 0,92 0,92 0,93 0,85 0,83

0,93 0,81 0,75 0,81 0,76

Q208 Q308 Q408 Q109 Q209 Q309 Q208 Q308 Q408 Q109 Q209 Q309

42

Q3 2009
Special items impacting reported EBITDA

NOKm Q3 09 Q3 08

“Cl
“Clean EBITDA” 8 253 7 634 Q3 06
 Change in pension plan in EDB
Special items incl. in opex +570 -50

Q309:
EBITDA before other items 8 839 7 684
 EDB: -176 NOKm
 Telenor Denmark: -47 NOKm
Other items -322 -233  Fixed Norway: -29 NOKm
 Broadcast: -28 NOKm
 Misc: - 42 NOKm
Reported EBITDA 8 517 7 451
Q308:
 Sweden: -103 NOKm
 Fixed Norway: -102
102 NOKm
 Misc: -30 NOKm

43

21
 10/28/2009

Q3 2009
Net debt in partly owned subsidiaries

(NOKm) Q3 2009 Q2 2009 Q3 2008

DiGi 49.0% 407 296 (529)

DTAC 65.5% 984 2 086 2 130

Grameenphone 62.0% 46 734 1 301

EDB Bus. Partner 51.3% 2 943 2 917 3 403

Kyivstar 56.5% (1 470) (526) (7 878)

Unitech Wireless 49.0% (-5) (361) na

44
100% figures

Q3 2009
Debt maturity profile

Debt maturity profile (NOK bn) per 30 September 2009

Subsidiaries

T l
Telenor ASA

0.2

1.9

2.4 1.4 0.6

3.9 9.4
6.5
3.9 4.5 2.5 4.5
2.3 0.8
0.3 0.3 0.2
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-

• Committed credit lines of NOK 21 billion and uncommitted NOK 52 billion

45

22